India's forex reserves rise by USD 140 million to hit fresh peak of USD 642.63 billion

India’s forex reserves increased by USD 140 million to touch its all-time high of USD 642.631 billion during the week ended March 22, the Reserve Bank said.

This is the fifth consecutive week of a jump in the overall reserves. The kitty had increased by USD 6.396 billion to USD 642.492 billion in the previous reporting week.

The previous peak level was recorded in September 2021 when the country’s foreign exchange reserves reached USD 642.453 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended March 22, the foreign currency assets, a major component of the reserves, decreased by USD 123 million to USD 568.264 billion, the data released on Friday showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves increased by USD 347 million to USD 51.487 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 57 million to USD 18.219 billion, the apex bank said.

India’s reserve position with the IMF was also down by USD 27 million to USD 4.662 billion in the reporting week, the RBI data showed.